Both the House and Senate bills would both eliminate a requirement that privacy notices be sent on an annual basis. The bills would allow the notices to be sent only when the privacy policy of a financial institution has changed.

However, there are some key differences between the bills: For instance, only the Senate bill would require credit unions and other financial institutions to make their privacy policy always accessible in some form in order to qualify for the bill's exemption from sending annual privacy notices.

The Credit Union National Association supports the privacy notification bills because they would streamline the regulatory burden on credit unions by reducing the amount of diverted time and resources that a credit union's staff could be using for more important services to its members. The bills would ensure that when a consumer receives a privacy notification, it has significance and is not redundant, CUNA has noted.